India has been in the headlines lately concerning the cryptocurrency Bitcoin and blockchain technology. Just recently the Reserve Bank of India (RBI) said that blockchain technology would “transform financial markets,” which is a good sign for the region. The country is very tech oriented and much of the globe’s IT workforce is from India. However, Bitcoin is currently in a gray legal area and is looked at as a prepaid payment instrument, which has different regulatory policies.
Bitcoin.com decided to get a first-hand look at the developments in the region from Abhishek Bhandari, a cryptocurrency enthusiast based in New Delhi. Bhandari gives us a glimpse of how adoption is going in India and how local businesses are spreading mass adoption in the region.
“I want to build a strong community of Bitcoin lovers and help more and more people to take advantage of this emerging technology that is going to create many millionaires and billionaires in next 5 years or so.”
– Abhishek Bhandari
Bitcoin.com: How are you educating people about Bitcoin innovation?
Abhishek Bhandari (AB): By meeting up with young entrepreneurs, Bitcoin enthusiasts, technology lovers and marketers who want to bring the awareness of currency, money and how Bitcoin is the best form of money the human race has ever experienced. We saw that people are running behind money (even I was) , and never realized that the basics and history of money were never told to common people. I am dedicated to educating the coming generations about how the debt based economy would increase poverty, wars, unemployment, inequality, and most of the evils happening in society. Bitcoin as a currency can help bring positive changes to our lives when we talk about real money.
BC: How did you get introduced to Bitcoin?
AB: I had few friends working in affiliate programs online. And they told me about the emerging changes in terms of digital money. I was surprised to know how things were changing so fast in countries like U.S., Canada, Europe, and developed Asian countries. That’s when I started learning more about cryptocurrency and then I got passionately involved in Bitcoin.
“Bitcoin as a currency can help bring positive changes to our lives when we talk about real money.”
BC: How is Bitcoin adoption going in India?
AB: Bitcoin is very new to the Indian market. People are still finding it hard to accept the digital changes happening in the society as the banking system is working online now. So adoption would increase only if we create awareness and educate more people and bring more services in India in terms of Bitcoin.
BC: What services does the country have to purchase and acquire Bitcoin? Are there any big crypto-services that facilitate the region in India?
AB: There are a few service providers in India who are working as exchanges or trading platforms like Zebpay, Coinsecure, Unocoin, and BTCXIndia. India will emerge as the biggest community to adopt this new currency very soon. We are still looking for big players to enter the Bitcoin industry in India. I hope 2016 is going to be big year for India to emerge as a Bitcoin market.
“Bitcoin and the blockchain are catching the attention of big global banks … I see things moving in a positive direction.”
BC: What can you say about the Indian government and traditional banking systems view of the digital currency? Would you say it is positive or negative?
AB: Digitalization is a hot topic now in India. The Indian government supports the digital India mission and banks are also working to make their services more digital. Bitcoin and the blockchain are catching the attention of big global banks and financial services are working to adopt this revolutionary technology. I see things moving in a positive direction.
BC: There has been speculation that India would be very open to this technology. Would you agree?
AB: I see positive vibes in the Indian market. I meet 20-25 new people every day and help them learn more about Bitcoin and the response is overwhelming. Technology has always attracted Indian culture.
BC: Is there groups or meetups in India that are getting together to discuss the technology?
AB: Yes, there are many meetups and events that are happening in India to spread the word of cryptocurrency. India wants to be a strong pillar in creating the buzz in the market.
BC: Are there any Bitcoin ATMs in your area?
AB: No, we do not have any bitcoin ATMs in India yet, but we hope to have such services opening up in 2016
“Bitcoin is the best form of money the human race has ever experienced.”
BC: What is your overall mission?
AB: Enthusiasts here in India have a very clear motive. We want to build a strong community of Bitcoin lovers and help more and more people to take advantage of this emerging technology that is going to create many millionaires and billionaires in next five years or so. The best way to go about it is to educate our future generations about the whole money concept.
Thank you, Abhishek Bhandari, for speaking with us and giving our readers a glimpse how you are spreading adoption in India. We have great expectations for 2016 as well.
What do you think about the blockchain transforming financial markets? Let us know in the comments below.
Images courtesy of Abhishek Bhandari, Shutterstock